The recession hasn’t packed its bags yet, but Marriott International (NYSE:MAR) is confident that even more vacationers and business travelers will head to the Caribbean and Latin America.
The hotel giant announced plans to add more than 70 hotels in the Caribbean and Latin America by the end of 2017. The bold initiative is expected to increase the number of jobs at its hotels in the two regions from 13,000 to 27,000 within the next five years.
“Latin America is booming, in terms of economic growth and political and institutional stability, which is creating a promising business climate,” said Arne Sorenson, president and CEO of Marriott International.
Sorenson attributes the surges in tourism and business travel partly to a rising middle class in Latin America and the Caribbean. “Worldwide, we’re seeing a golden age of travel, and Latin America is at the forefront,” he added.
Currently, Marriott has 35 upscale hotels under development in the Caribbean and Latin America. If its corporate dreams are realized, 140 new Marriott-owned hotels will be open or on the horizon in those areas by 2017.